Arizona Continues Path to Sports Betting Legalization by Football Season
Arizona sports betting appears to be heating up in a positive direction. Just recently, the US Department of Interior approved a new Gaming tribal compact.
This was arguably a huge move, signed by Governor Doug Ducey, that modernizes what is available today in the industry. This compact will include retail and online sports betting capabilities within the state.
Speedy Arrival of the Bill
HB 2772 made a somewhat quick process of being approved after legislators, and the gaming tribes were able to make an agreement. The reason that the launch might happen within a few months is due to the emergency clause used to aid in the timeline of passing the bill.
With the economy practically open everywhere in the US, this gaming compact helps create thousands of jobs for the state. Tax incentives and even tourists coming in will help the state, so it makes sense why they were in a hurry to get this deal finished.
NFL in Sight for Sportsbook Launches
A few government officials have already stated that they wanted everything up and running before the NFL season begins. Senator T.J. Shope and Representative Jeff Weninger, co-sponsors for Arizona’s sports betting, realize the importance of having everything in place for when the betting season heats up.
An official launch date has not yet been received. However, there have been talks for as early as June to begin rule drafts and what to expect for sportsbooks.
How Sports Betting Legalization Affects Arizona
Arizona’s population is continuing to grow, and that means the potential for more money. The state is already composed of major sports teams with roots in all of the four major sports leagues.
In addition, fans can still enjoy other opportunities that Arizona hosts, such as the NASCAR race at Phoenix Raceway and the PGA Tour with the Waste Management Phoenix Open. Looking at what college sports provide, the Pac-12 has two excellent universities in the state with the University of Arizona and Arizona State University.
There have also been talks as to how much revenue could be generated through all of this. There has been an estimated $154.4 million for yearly taxable sports betting revenue of the market can continue to rise.
Many Sportsbooks Can Join
HB 2772 will showcase 20 sports betting licenses, but these will be split. 10 are for professional sports organizations within the state, and the other 10 will be given to the state’s tribes.
These licenses include retail and online sports betting. A tribe appears to have a lot of flexibility as they can have multiple physical locations but operate retail sportsbooks with just one license. In addition, daily fantasy sports have been legalized.
Who is Coming into the Market?
The first two sportsbook operators to offer their services to the state were none other than DraftKings and FanDuel. It did not take long, as DraftKings partnered with TPC Scottsdale while FanDuel teamed up with the Phoenix Suns.
Other partnerships include Caesars Sportsbook joining forces with the Arizona Diamondbacks. Next door neighbor facilities in the Phoenix Suns Arena and Chase Field will have competing sportsbooks in FanDuel and Caesars.